| Summary: | 碩士 === 國立高雄第一科技大學 === 金融營運所 === 95 === This report is focused on the study of the abnormal returns of financial stocks on the public market due to the event so-called “expense finance debt consultation mechanism.” Event study method is used . The effects on the standardized average abnormal return and standardized cumulative average abnormal return due to the news about the implementation of a debt consultation mechanism were analyzed. Comparisons of the effects on the fluctuation level of negative abnormal return on stock price were carried out for financial stock holding companies, non-stock holding banks, and banks with high market share, low market share, and not in the business of expanse finance without hypothecation.
The results based on data from real cases reveal that, in general, the expanse financial consultation mechanism did cause some effects. The price of stocks in financial category responded with a negative abnormal return. This phenomenon seemed to last for a while instead of being a short term event. Analyses using weekly return and monthly return showed the same trend.
Samples of stock holding companies and non-stock holding banks also showed negative return. Non-stock holding banks had worse negative return than stock holding companies because stock holding companies have more revenue from other businesses to compensate the loss due to the effect of the consultation mechanism.
The market share of the business in expanse finance without hypothecation showed a noticeable effect on the fluctuation level of the abnormal return. The higher the market share of an organization, the worse the negative return it gained. The effect was more significant for stock holding companies than non-stock holding banks.
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